Sallie Krawcheck, CEO of Ellevest minces no words when asked about the importance of diversity in the workplace.
"There is no research out there that says that diversity leads to lower returns and lower client engagement and less innovation. Quite the opposite. With diversity, the friction of different backgrounds, different perspectives, different education, different skin colors, different genders, all of that...the friction from coming from different places, and coming together from different points of view in solving problems is a positive , " Krawcheck said. "If corporate America was doing enough, we'd have more diversity."
In 2018, the Boston Consulting Group found that diversity actually increases the bottom line for companies.
The study looked at over 1,700 companies in eight different countries--Austria, Brazil, China, France, Germany, India, Switzerland and the United States.
"The biggest takeaway we found is a strong and statistically significant correlation between the diversity of management teams and overall innovation. Companies that reported above-average diversity on their management teams also reported innovation revenue that was 19 percentage points higher than that of companies with below-average leadership diversity—45% of total revenue versus just 26%," the study stated.
And yes, the study may be a couple of years old but the point remains: there's proof that diversity helps more than it hurts companies.
"Despite gains for women in leadership, a “broken rung” in promotions at the first step up to manager was still a major barrier in the past year. For every 100 men promoted to manager, only 85 women were promoted—and this gap was even larger for some women: Only 58 Black women and 71 Latinas were promoted. As a result, women remained significantly outnumbered at the manager level at the beginning of 2020—they held just 38 percent of manager positions, while men held 62 percent," noted McKinsey's Women in the Workplace 2020 study.
Watch the full interview with Krawcheck: